Accounting

Chapter 17 Homework i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 8 Return to question Officials for Wolfe define "available" as current financial resources to be paid or collected within 60 days. 8.33 On the first day of Year 4, the city receives a painting as a gift that qualifies as a work of art. It has a 30-year life, is worth Jer points $36,000, and is being displayed at one of the local parks. The accountant accidentally capitalized and depreciated it although officials had wanted to use the allowed alternative. Respond to the following questions: a. According to the information provided above, the general fund reported a $33 250 increase in its fund balance. If city officials had used proper alternatives in this reporting, what would have been the correct change in the fund balance for the general fund for the year? Help b. According to the information provided above, the parks reported net expenses of $130,000. If city officials had used proper alternatives in this reporting, what was the correct net expense for parks for the year?" c. Assume the same information except that the art was given to the art museum but not recorded at all. What should have been the overall change in net position for Year 4 on government-wide financial statements, assuming that officials still preferred the allowed alternative? Answer is complete but not entirely correct. a. The correct increase in fund balance is $ 1 200 X b Net expense $ 32,050 x C. The correct increase in net asset is $ 32 050 x Mc sraw Hill